Business Ideas that You Can Start During A Recession
We are going to talk about 7 profitable business ideas that you can start this year. Each one of these ideas has also been curated to be considered. the current state of the world. Which is that many experts think that we might be heading into a period of slow growth for the economy. That’s due to all the issues with inflation supply chain interest rates, and more. So some of the ideas that will go over today will be focused on essential services. And consumer staples that are going to be good for any type of economy.
I fully believe that if you guys can start a business in a slower economy that you can be even more successful when things are going good. As well, there are endless opportunities out there as long as you’re willing to work for them and be creative. So let’s get right into it.
The first business idea today and that is bookkeeping for small businesses. There are over 31000000 small businesses in the United States. and they all need to file their taxes at the end of the year. They’re going to have a hard time doing this unless they have a bookkeeper.
Bookkeeping is a business that’s going to be essential no matter the state of the economy. As transactions occur in a small business, a bookkeeper records them and categorizes expenses and income appropriately. At the end of each month, typically a bookkeeper will send a profit and loss statement. a balance sheet, and a cash flow statement to their clients. Now this is important because at the end of the tax quarter or the tax year. The client will then take these books or these reports and other taxes.
Typically, people will spare no expense regarding their taxes and bookkeeping. So this is a great business to start because you will be in demand, so how do you get started? What I would do first is to take a few free courses on you too. There are so many Tory oils
I can teach you bookkeeping from 8 Izzy. I would then take an online certification course. Quickbooks has many different certifications that you can do from home. Or you could take the form of a financial accounting course from Coursera offered by the University of Illinois. That’s a 10 hour course. I grant you a certificate just for completing it. You want to make sure you’re confident in your bookkeeping skills before you start reaching out to clients. No, you don’t need certifications. Especially if you’re in some bookkeeping ways, but I can definitely help you sell yourself better once you feel comfortable.
Approach small businesses
Keeping books, can approach small businesses in your local area. And search offering your services or you can list yourself as a freelancer on a freelance website like upwork.com. The best method would be to find a local business that’s willing to try you out for a month or two. That way, you can also build your business through word of mouth referrals. You can typically charge between 30 and $60 an hour for the services. And the beauty of bookkeeping is that you’ll usually front-load the work for a new client. Front-loaded work will typically take 3 to 5:00 hours to set up a new client.
And then it’s just the maintenance work of categorizing expenses and generating reports monthly, not to mention. It’s a great skill to have if you ever want to own your own business and it can start to show up in all parts of life.
Become a content creator
The second business so you can start. Is for those people that spend a lot of time on social media and consuming content online with the average tech talk user watching it. The app for an average of 89 minutes per day in 2021 and over 1000000000 hours of watch time per day that’s consumed on YouTube. Become a content creator is 1 business you can start with just your smartphone. It’s not the easiest business to start, but this could be 1 of those life changing businesses for someone. It has no cap on earnings. For example, my YouTube channel has brought in around $50,000 in just the first 5 months of 2022, and last year my largest month ever was nearly $37 in a single month. Now it wasn’t always this way, but here’s what you need to do to get started.
Since you need to build a following, the easiest way to do this is to number 1, pick a niece. Ideally, this is a nation that you are passionate about and have more knowledge on than most other people. For me, this was personal finances since I was always interested in it and a lot of my friends would come to me and ask questions about it.
Number 2, you want to pick a platform. I would suggest starting on a platform that interests you the most, but for me. I served on tech talk because it was one of the places where I could get started as quickly as possible with no professional camera equipment. Also, at the time the market wasn’t so saturated with personal finance tech talk, so I seized that opportunity.
Figure out your needs or your platform.
No other options include YouTube or Instagram, or even Twitter or Pinterest. I would go on to that platform and search for your nation’s content in the search bar. See what videos are going viral and performing well .
For example, if you were to search for real estate. You can find all the videos that are doing well on realistic. This will be where you can generate some of your own ideas for your own channel. Now in its early days, you want to take inspiration from what’s going viral. And see how you can do it in your own way. The most important thing is to keep making videos. And as you make more videos, you will get better and better at producing sound editing and keeping your attention.
I try to reverse engineer viral videos to see why they went viral and apply it to my own content quite often. As long as you focus on making good content. The followers and audience should start to build and compound. and once you have an audience. you can super charge this business with brand deals selling your own product affiliate links and you too bad referring. It’s one of the best opportunities right now. And I think in the future, we’ll see even more content creators. so you might as well start as soon as you can, hopefully right after this blog.
Social media content manager
All right similarly to being a content creator in our next business, a social media content manager. it usually helps brands and small businesses create content. You’ll help that brand come up with content Gadgil and stay relevant on the internet. Social media presence is becoming increasingly important for small businesses. and many small business owners don’t want to or don’t have the time to create content for their own business. This is where you can step in. If you have your own social media following that, you’ve built up. you can use that as part of your portfolio and pitch brands, but otherwise I try to create your own needs page on Instagram.
Our tech talk and grow it as much as they can. If you can build your own needs space to 10000 followers or have a few videos blow up, that’s exactly all that you need to show brands that you’ve been successful on social media. Before starting blogging videos. I would spend a lot of time on Instagram tick-tock and follow some of the most engaging brands on those platforms. to see what type of posts did well and try to figure out why they did well. Oftentimes going viral and attacking talk comes down to a specific format. There’s usually good scroll stoppers who are hooked in the first 3 seconds.
The remainder of the video.
Either tells a story or keeps them you are watching. Once you figure out how to do this you can post your services on Upwork.com again. or can of small businesses that you see on your social media and ask them if they’re looking for a content manager. I have 1 friend who manages 6 brands now and that’s her full time job. She’s able to charge 1250 to 1750 per client per month to schedule Instagram posts about 4 times a week and then come up with 1 tick tick a week.
She’s now making over $12,000 a month just doing this across all those brands. And it’s not really a bad gig if you’re able to create content quickly. or even better have the brand provide you with creative assets. You also do need to be highly organized, so if you are that type of person this may be more of a challenge but still doable.
Next business is 1 of my favorite businesses on this list because it’s not a sexy 1, but it’s going to be needed in any type of economic condition and that’s the lawn mowing business. The beauty of mowing lawns is that number 1, you can get started with little to 0 capital, especially if you have an existing lawn mower. Number 2, I think it’s an easy service to market in your local community. You can go around posting fliers about your services. especially on community billboards next door or hitting up your neighbors. and starting from there there are plenty of guides on YouTube on how to start a lawn care business. Have you ever thought about starting a lawn care business, but in the beginning you’ll want to stick to it only once?
This is the key because many clients are going to ask you for more than just cutting lawns such as landscaping, but you want to keep it simple in the beginning. Especially if you want to turn it into a business in the future. The more complexity you add to a business, the more that you have to be hands-on. However, if you’re able to figure out a system just for mowing lawns, eventually you may be able to outsource the person who moves the lines and then you can work on finding new clients instead. All right, so let me let you guys in on a secret grass that always grows. You heard me, that’s the beauty of a lawn care business because you are going to immediately have repeat business.
Recurring customers because within a week or two of those wanting to cut again recurring revenue like this is so powerful because of each client that you sign. On their lifetime value or the amount of value that they provide to you. in fact, them being your client will be absolutely incredibly high. Instead of charging $50 to mow someone’s lawn once. you’d rather be able to charge them 12 to 20 different times a year at $50 per mo. Not only that, if you end the year with 50 clients, it’s not like you have to start from 0 the next year. You still have those 50 clients so that when you go and get 50 more in your to your customer base is always growing and compounding on each other.
Start a business that leverages food or beverage
In a bad economy, people still need to eat and drink no matter what, so you know that you’re always going to have a customer base there. Now I’m not saying to go out and start a restaurant or bar. But there are plenty of other ways to monetize a food business for low start-up costs, if you think a little bit outside the box. For example, you could buy a vending machine and find the location to place it in, or by using a vending machine. the seller sells it to you and quotes on location. Which means that the vending machine is already there and ready for business. but you’re just basically buying it from the existing owner. Most vending machines placed in a decent location can get you around 150 to $175 per week from the vending machine.
Owners I spoke to in the past, and assuming a profit margin of 60 percent on the goods inside the vending machine. that’s around $100 a week in income. That you can be netting from just one vending machine. Or another food-type business is to leverage an existing recipe that you might have, for example, jams and jellies. That you can create at home and poly yourself at home while machines are pretty inexpensive. and on top of this customers tend to view jams from large brands as like less nutritious and containing more preservatives so that gives you the small business owner a leg up on the competition now regarding marketing. Your jam you can post on your neighborhood websites or local bulletin boards.
Apply to your local farmer’s markets
The other reason I like food businesses is because of a gain in recurring revenue. Once the food has been eaten you’ll likely have repeat customers so long as the product was tasty. If you haven’t yet, make sure to check out my latest video on passive income ideas. That’s where one of the ideas was writing for medium.com. 2 days freelance writer is slightly different, though becoming a freelance writer involves editing copy writing. writing searchable blog posts for businesses and brands, and even some social media marketing work in the form of emails. Every business needs content to populate their web pages.
With and what’s great about freelance writing is that you can work on your own schedule and earn what you want. The more that you write, the more money that you can make contemporaneously, and vary wildly. But according to L. 19, a blogger that details her freelance writing journey, she could make $100 for an 800-word blog post. and she scored that gig only 2 months after she decided to be a freelance writer. If you want to read more about her journey, read all about her blog below. But it’s a fantastic resource for anyone that wants to get started in freelance writing, all right. So a big appeal of writing is that you get paid to learn new things. and you’ll gain business through word of mouth referrals.
As your portfolio grows and you put your portfolio online, many small businesses will start to reach out to you. So long as you’re putting out good content, there are some conserve this business. However, which includes the fact that you have to be a self-motivated person. The income can be inconsistent, and it can get lonely since you don’t really have any coworkers. However, freelance writing is a skill that will always be in demand. And if you do write a good article sometimes you can adapt that article for medium.com, where you could earn even more money passively.
Our last business idea for today is E. commerce. I personally have done this in the past in a certain map poster business. That generated about $1,000,000 in sales in my second year. This is a great business that you can do from home. The key to this business. though, is to find a source of product that you think will do well online marketing via social media. Now this is probably the hardest business to start on our entire list today. But it’s also the most rewarding if you can get it right, so how to do this. First, I would start by scrolling on Tech Talk and Instagram Intel. I found it interesting enough product with a unique angle that solved a specific pain point.
Once I have identified the product. I’m going to be looking for all the suppliers of this particular product. Contacting them and seeing if I can get this product either shipped to me at cost or dropped shipped to my end consumer. Now when I say it costs, I just mean basically straight from the supplier. Which is a lot cheaper than retail prices. The other thing you have to do is to study what makes an e -commerce store successful. Regarding their website design and how they market the product. They’re telling you to channel out there that are super helpful in starting an e -commerce store for beginners. For example, be a hazard, and Jordan Welch here on YouTube have.
Some amazing beginner tutorials and if you just do a quick search for E.Commerce to Torio on YouTube. You’ll find a ton of information on the full steps you need to take to get started. But essentially, the business model works like this: number one, you’re going to source a product. Number 2, you’re going to get the product too. Active from the supplier and the number 3. You want to market the product in a way that you can sell the product to a wide variety of people with the added margin. As long as you’re spending less than your mark-up and running the business, you can make it work. This is easier said than done, but in the beginning you will probably lose money until you sell enough units.
So my own personal example was the following: to get a custom poster printed and shipped cost us $15. All in and then we would sell the posters on our website for $45. That’s a $30 profit per sale. However, the business took around 30 $600 to run at a minimum every single month. That means for the first 120 sales at 30 600 divided by 30. We would be running at a loss, but every sale after the 20 of sale would generate as $30 in profit. That is of course, if marketing is all organic, so a huge disclaimer, since marketing is not free. Typically, you’ll probably have to add that into your calculations to get to a reasonable break-even point.
However, if you can succeed, your profits could be quite lucrative. There’s a lot of money to be made by creating a business in 2022 and beyond and even in a slow economy. I hope that this video inspires you to create a business.